Supplier Info

To obtain the maximum benefit out of VCM as a supplier, please read the following:

1. Vetting Process

  1. Vetting is the process of performing in-depth checks to ensure the information and documentation provided by a supplier is valid and correct

  2. Information and documents are not only accepted at face-value - we verify the authenticity and validity thereof

  3. We furthermore check that the documentation provided corresponds to the information completed in VCM

2. Tokens for Vetting

  1. Companies/buyers place high reliance on the compliance of suppliers - it is essential for supplier information and documentation to be valid, accurate and up to date.

  2. In our experience suppliers, due to several reasons, tend to provide incomplete, contradictory or even false information and / or documentation which hinders the vetting process.

  3. Suppliers are therefore required to contribute towards the costs relating to vetting by purchasing tokens, as suppliers will be more responsible and attentive to the information and the documentation which they provide allowing buyers to make informed decisions and have peace of mind that they are conducting business with compliant suppliers.

3. VCM Compliance documentation requirements

Suppliers will be requested to provide the documentation as follows:

  1. Entity registration document(s) such as CIPC registration document, trust deed and so forth (depending on how your entity has been registered)

  2. Proof of your entity’s physical address (not older than 3 months)

  3. Identity documents of your entity’s directors, shareholders, members and/or trustees

  4. Valid tax clearance certificate

  5. Valid letter of good standing (workmen’s compensation document)

  6. Bank stamped letter not older than three months confirming your entity’s bank account

  7. BEE certificate or BEE affidavit

  8. Letter from your entity’s accountant or auditor confirming turnover

4. Entity profile

  1. Compliance documents are valid (must not have expired)

  2. When the information completed in VCM corresponds to the legal company documentation uploaded (very important)

  3. Your documents and information have been submitted for vetting

  4. during the vetting process, no discrepancies and/or issues in respect of your entity’s documentation and information were found

5. Profile Status Classifications

  • Compliant: a complaint status means that all documentation and information provided by the supplier correlates, is valid and corresponds to the relevant regulatory body’s data base

  • Vetted with Concerns: such a status means that discrepancies exist with regards to the documentation and information provided by the supplier. The documentation provided by the supplier is however valid and exists on the relevant regulatory body’s data base

  • Non-Compliant: a non-compliant status means that a supplier’s documentation and information does not correlate and/or cannot be verified against a regulatory body’s data base or compliance documentation has expired

6. Receiving Opportunities

  1. With VCM there you no longer need a vendor number before you can receive opportunities - you only need to register your entity as a supplier on VCM and pay your annual user license and token fees as well as select your commodities (the goods / services which you provide)

  2. Although anyone who registers on VCM will be able to receive opportunities, only complaint suppliers will be able to respond – thus be sure that your entity is compliant right away

  3. Opportunities are not guaranteed in any way. Opportunities only become available when companies (buyers) participating on VCM have a need in respect of the commodities which you have selected

  4. You only need to register once to become visible to all companies / buyers making use of VCM